February 14, 2013
TORONTO, Ontario—QLogitek Technology Ltd has changed hands.
The Mississauga, Ontario-based software company which specializes in B2B EDI integration solutions for supply chains has been sold to Smart Employee Benefits Inc (SEB), out of Toronto, Ontario.
SEB describes itself as a software and technology company with a specialization in human resources management, group benefit solutions, healthcare claims processing, and automating business processes.
SEB paid just over $2 million for the company in a deal that saw SEB issue nearly 6.7 million shares and one million share purchase warrants. QLogitek’s founder, Latiq Qureshi, has joined the SEB board of directors. QLogitek will operated as an SEB subsidiary while maintaining its existing brand and solutions offerings.
John McKimm president, CEO and CIO of SEB says the purchase makes a lot of sense for his company.
“SEB views health claims processing as a supply chain environment. The QLogitek supply chain software solutions and PCI Level One-compliant hosting environment, combined with SEB’s leading rules-based, fully integrated adjudication software platform will give SEB the capability to provide health claims processing clients with highly customized, fully integrated —administration, billing, adjudication, claims paying, reporting—technology environments which are very unique in the health claims processing industry.”
Even before this buyout became official, the two organizations were running co-operative business operations.
“QLogitek and SEB have been co-located for a number of months. We are collaboratively engaged in joint technology development and a number of joint client initiatives, including synergistic acquisitions,” said QLogitek president and CEO Latiq Qureshi.